Fantasy sports operator Fantasy Akhada in talks to raise $5 million in Series A funding

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Online fantasy sports is one of the fastest growing markets in India considering the sheer number of sports fans that exist in the country. Over the past couple of years, the rising number of fantasy sports participants has propelled all the stakeholders to bolster their online fantasy sports options and offerings. Fantasy sports platform Fantasy Akhada, which launched in January 2020, is now in talks to raise $5 million in a Series A according to an Economic Times report.

Backed by veteran cricket broadcaster Harsha Bhogle, the brand is aiming to expand into other sports apart from the existing fantasy cricket and football. Apart from that, they want to delve deep in strengthening marketing strategies as they aim to hit the one million DAU mark by the end of 2021. Should the brand secure the desired funding, there’s a good chance it will focus on expansion as well as to strengthen its marketing efforts.

Earlier in April 2021, the company had raised $50 million equity funding through Prime Securities Limited. The new financing round was led by N Jayakumar, managing director of Prime Securities, just before Indian Premier League (IPL).

“The latest round of funding will primarily be used in enhancing our tech capabilities, driving user acquisition during the most important time of the year (IPL),” Fantasy Akhada founder Amit Purohit had said then.

With the IPL being scheduled twice within a seven-month span, Fantasy Akhada has grown exponentially with more than 170 per cent in terms of their revenue from IPL 2020 (September-November) and 2021 (April-May). With the cash-rich tournament now suspended midway, the brand is looking to tap into the buzz and excitement around T10 cricket. The focus, however, will soon shift towards the remainder of the IPL and the big World T20.

How quickly a company gets to its years revenue mark is a key consideration made by a lot of investors being deciding to back it. The fact that Fantasy Akhada managed to gain 170 per cent of revenue in a span of just 7 months is likely to help its cause. It remains to be seen what this promising brand throws up in a bid to delight its customers should it successfully raise the required money.